NASD, NYSE
Agree to Merge
Some Oversight

Supporters Foresee Streamlining
In Market Regulation as Foes Fear
Less Protection for Individuals

By

Randall Smith and

Kara Scannell

Updated Nov. 29, 2006 12:01 a.m. ET

IN A VICTORY for Wall Street, the two organizations that police brokerage firms unveiled, as expected, a plan to merge some of their operations -- the latest step in a deregulatory push in U.S. markets.

Securities and Exchange Commission Chairman Christopher Cox hailed the pact, saying it would streamline Wall Street regulation and raise the competitiveness of U.S. capital markets. Some investor advocates said the merger could weaken protections for individual investors by effectively removing cops from the beat. No...